Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities    
Revenues from real estate operations received $ 129,184 $ 114,303
Construction contract and other service revenues received 18,170 21,405
Property operating expenses paid (42,608) (45,267)
Construction contract and other service expenses paid (12,454) (28,315)
General and administrative and business development expenses paid (6,156) (6,860)
Interest expense paid (19,896) (22,252)
Cash settlement of interest rate derivatives (29,738)  
Proceeds from sale of trading marketable securities 7,041  
Interest and other income received 252 108
Income taxes paid (8) (170)
Net cash provided by operating activities 43,787 32,952
Purchases of and additions to properties    
Construction, development and redevelopment (35,476) (46,676)
Tenant improvements on operating properties (7,934) (8,778)
Other capital improvements on operating properties (3,360) (4,064)
Proceeds from sales of properties 61,230 3,149
Mortgage and other loan receivables funded or acquired (3,506) (1,181)
Leasing costs paid (2,853) (2,894)
Other (310) (920)
Net cash provided by (used in) investing activities 7,791 (61,364)
Cash flows from financing activities    
Proceeds from debt 331,097 97,273
Repayments of debt    
Scheduled principal amortization (3,207) (3,798)
Other repayments (337,050) (25,050)
Deferred financing costs paid (2,044) (482)
Dividends paid (33,711) (31,664)
Distributions paid (1,939) (1,981)
Restricted share redemptions (2,373) (3,713)
Other 77 331
Net cash (used in) provided by financing activities (49,150) 30,916
Net increase in cash and cash equivalents 2,428 2,504
Cash and cash equivalents    
Beginning of period 5,559 10,102
End of period 7,987 12,606
Reconciliation of net income (loss) to net cash provided by operating activities:    
Net income (loss) 6,977 (18,566)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and other amortization 31,705 33,645
Impairment losses 5,479 27,742
Amortization of deferred financing costs 1,572 1,759
Increase in deferred rent receivable (2,559) (4,240)
Amortization of net debt discounts 775 1,649
Gain on sales of real estate (4,138) (2,701)
Share-based compensation 3,402 2,917
Other (1,423) (926)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 14,792 (827)
Decrease in restricted cash and marketable securities and prepaid expenses and other assets 9,448 4,701
Increase (decrease) in accounts payable, accrued expenses and other liabilities 7,661 (10,025)
Decrease in rents received in advance and security deposits (1,901) (2,176)
Decrease in interest rate derivatives in connection with cash settlement (28,003)  
Net cash provided by operating activities 43,787 32,952
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 11,828 13,171
Increase in property, debt and other liabilities in connection with acquisitions   3,040
Decrease in fair value of derivatives applied to AOCL and noncontrolling interests 528 662
Dividends/distribution payable 24,544 33,048
Decrease in noncontrolling interests and increase in shareholders' equity in connection with the conversion of common units into common shares 444 263
Adjustments to noncontrolling interests resulting from changes in ownership of Operating Partnership by COPT $ 88 $ 163